That 50% level around 1304-1305 is a critical support level...
Previous Weekly report
S&P Monthly and Weekly
Selling pressure earlier this week with a change in the Weekly dynamic levels from 1322 to 1330.50
However, the S&P continues to remain above support, and based on the Weekly levels likely to push upwards in the short-term using the Weekly 50% @ 1319.50 as a trend guide.
The market continues to consolidate between the Yearly highs @ 1300-1331, and we can also see the Weekly lows have now caught up with the current Support levels.
AAt this stage I haven't factored in the S&P moving down into the lower 2nd Quarter support levels @ 1246-54.....(Previous weekly report)
Because of the shift in the Weekly lows, there is now greater chance of a larger reversal pattern towards lower Support levels @ 1247-57, if there is a daily close below those Weekly lows @ 1299
In conclusion:- trade on the side of the Weekly 50% level in the short-term
